The rise and rise of Chanel

The brand that never discounts, Chanel, is set to increase the price of its Timeless Classic, Boy Chanel and 2.55 bags with effect from 1 November.

With the downturn in Chinese spending on luxury goods set to continue, you might think that a global harmonised price increase is brave.

But this will in fact be the third price increase since May this year signalling confidence in the market that this luxury brand means business.

This announcement follows the crackdown by Chinese authorities on personal shoppers, known as "daigou" shoppers, who travel abroad from China to buy luxury goods at cheaper prices and bring them back to China for resale online. Global harmonised pricing is intended to reduce the demand for bag hunting overseas.

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The privately-held French luxury brand Chanel will reportedly increase prices of three classic handbag styles by six percent, effective November 1, 2018, globally.